JeepGirl6 04:21 AM 12-27-2010
This is my first year, I was wondering exactly what all I can write off for taxes...I know utilities, house payment, food, time, space...anything else? How much am I able to write off for house payment and utilities? Thanks
KEG123 07:10 AM 12-27-2010
TomCopeland 08:28 AM 12-30-2010
My book Family Child Care Record Keeping Guide lists over 1,000 allowable business deductions. It's now available as an e-book:
http://tinyurl.com/2efra74
You use your time-space percentage to determine how much of your shared expenses (those items that are used for both business and personal purposes) you can deduct. You don't use your time-space percentage on your house payments. Instead, use it on your mortgage interest and then use it on depreciating your home. Depreciation on your home is based on the purchase price of your home, not it's current value. For details see my 2010 Family Child Care Tax Workbook and Organizer (
www.redleafpress.org).